Trevali Mining Corp. (TSX:TV,OTCQX:TREVF) announced its financial results for the three and six months ended June 30, 2014, commenting that it recorded a net loss of $4.5 million, “primarily attributable to a non-recurring item incurred from the recent disposition of its Tingo Hydroelectric project.” In addition, the company recorded operations income of $1.9 million from its Peru-based Santander mine on revenue of $19.9 million.
Tune into Trevali’s conference call on August 15, 2014 at 10:30 a.m. EST.
Other Q2 highlights include:
- Working capital increased to $54.6 million
- Decrease in Santander operation costs per tonne milled from US$50.12 to US$45.12 as optimization measures commence
- Concentrate sales revenue of $19.9 million
- Income from Santander operations of $1.9 million
- Production of 12-million payable pounds of zinc, 4.4-million payable pounds of lead and 186,800 payable ounces of silver at a site cash cost of US$0.39 per pound of payable Zinc Equivalent (‘ZnEq’) produced
- Realized selling prices for zinc, lead and silver of US$0.92 per pound, US$0.95 per pound and US$19.55 per ounce respectively
- EBITDA of ($0.3 million)
Dr. Mark Cruise, president and CEO of Trevali, commented:
The decrease in Q2 revenue, versus the first quarter of this year, was due to lower production at Santander as the Company modifies its mine plan to encompass thicker zones of mineralization in the Magistral Norte-Rosa and Magistral Central zones. It is anticipated that income from mining operations will increase going forward as the Company commences exploiting these significantly thicker zones of mineralization, with widths increasing up to plus-25 metres, in the second half of this year. Ongoing site optimization and strengthening commodity prices, in particular zinc, also provides the potential to increase operational revenues in the latter part of the year.